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GRADUATION THESIS Major: International Business Administration COMPETITIVE ADVANTAGE ACHIEVEMENT AT EVEREST EDUCATION, LTD. ThiNganHang.com ThiNganHang.com
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Table of Contents Table of Contents ..............................................................................................................i List of tables & figures................................................................................................... iii Acknowledgement............................................................................................................v CHAPTER 1: INTRODUCTION ....................................................................................1 CHAPTER 2: LITERATURE REVIEW .........................................................................5 2.1. Competitive advantage within an organization.....................................................5 2.1.1. Definition of competitive advantage ...............................................................5 2.1.2. The process of achieving competitive advantage............................................6 2.2. Resources and capabilities in forming distinctive competencies ..........................7 2.2.1. Resources and capabilities ..............................................................................7 2.1.2. Distinctive competencies.................................................................................9 2.3. Three main types of business-level strategies with different value creation in achieving competitive advantage................................................................................10 2.3.1. Value creation in Cost leadership strategy....................................................10 2.3.2. Value creation in Differentiation strategy.....................................................11 2.3.3. Value creation in Integrated Cost leadership/differentiation strategy ..........12 2.4. The building of competitive advantage................................................................13 2.4.1. Efficiency ......................................................................................................13 2.4.2. Quality ...........................................................................................................14 2.4.3. Innovation......................................................................................................15 2.4.4. Responsiveness to customers ........................................................................16 2.5. Tools to develop competitive advantage within a company................................16 ThiNganHang.com2.5.1. Customer database as a tool to build competitive advantage2.5.2. Innovation as a tool to build competitive advantage.............................................................1618 2.5.3. Balanced Scorecard as a tool to build competitive advantage ......................19 CHAPTER 3: EMPIRICAL FINDINDS .......................................................................25 3.1. Overview about Everest Education, Ltd..............................................................25 3.1.1. History of development .................................................................................25 3.1.2. Field of business............................................................................................26 i ThiNganHang.com
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3.1.3. Organizational Structure ...............................................................................29 3.1.4. Business Performance ...................................................................................30 3.2. Analysis of distinctive competencies at Everest Education.................................31 3.2.1. Resources and capabilities at Everest Education ..........................................31 3.2.2 Distinctive competencies at Everest Education .............................................37 3.3. Strategy followed by Everest Education..............................................................37 3.4. Competitive advantage achievement at Everest Education.................................38 3.4.1. Efficiency ......................................................................................................38 3.4.2. Quality ...........................................................................................................41 3.4.3. Innovation......................................................................................................42 3.4.4. Responsiveness to customers ........................................................................45 3.5. Evaluation............................................................................................................47 CHAPTER 4: RECOMMENDATION ..........................................................................49 4.1. Recommendation for Everest Education in the building of competitive advantage ....................................................................................................................................49 4.1.1. Why Balanced Scorecard is recommended in the case of Everest Education .................................................................................................................................49 4.1.2. The application of Balanced Scorecard in Everest Education‘s situation ....49 4.2. Recommendation for Educational startups in Vietnam.......................................53 4.2.1. Current Situation of Educational startups in Vietnam ..................................53 4.2.2 Why using Balanced Scorecard for Educational startups in Vietnam ...........62 4.2.3. The application of Balanced Scorecard in Vietnam‘s educational startups‘ situation ...................................................................................................................63 ThiNganHang.comCHAPTER 5: CONCLUSION.......................................................................................73 REFERENCES...............................................................................................................75 ii ThiNganHang.com
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List of tables & figures List of tables Table 2.1: Tangible resources within an organization ......................................................... 8 Table 2.2: Intangible resources within an organization ....................................................... 9 Table 2.3: Capabilities in different Functional Areas .......................................................... 10 Table 2.4: Four factors of distinctive competencies ............................................................ 11 Table 2.5: Customizing measures for businesses strategies and financial themes .............. 22 Table 3.1: Classes‘ Schedule Winter 2014 – Dist. 7 32K Hoang Quoc Viet ...................... 28 Table 3.2: Income Statement (For the first quarter of fiscal year 2015).............................. 31 Table 3.3: Net income of Everest Education over 3 years of operation .............................. 32 Table 3.4: Everest Education‘s capabilities......................................................................... 35 Table 4.1: Higher Education Students in Vietnam from 1999 to 2008 ............................... 58 Table 4.2: Tracking the customer leg of the scorecard ........................................................ 67 Table 4.3: Tactics and measures in developing Customer Scorecard.................................. 68 Table 4.4: Suggested quality measurement for an educational company............................ 69 Table 4.5: Different skills and competencies levels example.............................................. 72 ThiNganHang.comList of figures Figure 2.1: The process of strategic management................................................................ 6 Figure 2.2: Competitive advantage achievement................................................................. 7 Figure 2.3: Value creation in Differentiation strategy ......................................................... 12 iii ThiNganHang.com
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Figure 2.4: Value creation in Cost leadership strategy ........................................................ 12 Figure 2.5: An example of value creation in the three main types of strategy .................... 13 Figure 2.6: The Generic Building Blocks of Competitive Advantage................................. 14 Figure 2.7: A quality map for Automobiles......................................................................... 16 Figure 2.8: A simple strategy map ....................................................................................... 20 Figure 2.9: Customer Perspective: Linking Unique Value Proposition to Core Outcome Measures .............................................................................................................................. 23 Figure 3.1: Information on Everest Education, Ltd. ............................................................ 26 Figure 3.2: Organizational Structure at Everest Education ................................................. 31 Figure 3.3: OKR Measurement at Everest Education.......................................................... 40 Figure 3.4: Travel Plan of Everest Education ...................................................................... 42 Figure 3.5: Blended Learning model ................................................................................... 43 Figure 3.6: Internal Process at Everest Education ............................................................... 44 Figure 3.7: Students Dashboard – PC – Academic Team Communication......................... 45 Figure 3.8: Everest Education‘s Customer Database Analysis............................................ 46 Figure 4.1: Example on a strategy map for a typical case of educational start-up firm ...... 51 ThiNganHang.comFigure 4.2: MOOC DefinitionFigure 4.3: GiapSchool‘s Domain ....................................................................................... 57.............................................................................................. 55 iv ThiNganHang.com
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Acknowledgement I would like to give my sincere thanks and appreciation to Ms. Pham Thi My Dung, MA., Lecturer at Foreign Trade University for her thorough instruction in the last five- month period. Her comments and suggestions, as well as many useful knowledge that she provided, were of paramount importance for me to learn and accomplish my thesis. I am deeply indebted to Ms. Melinh Rozen, Head of Academic English Department at Everest Education for all her help during my internship. I did learn a lot and gain many practical experiences relating to my major thanks to her due care and attention. Lastly, I would like to express my gratitude to every staffs and colleagues for their great support when I worked at Everest Education. Hanoi, 30th April 2015 Trinh Thi Quynh Van ThiNganHang.com v ThiNganHang.com
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CHAPTER 1: INTRODUCTION 1.1. Significance of the research Recently, Vietnam start-up ecosystem has been growing significantly. Amid a myriad of industries, Education is a potential market that many entrepreneurs and investors have ploughed money in. However, not every firm is able to compete in this challenging market. This research is named ‗Competitive advantage achievement at Everest Education, Ltd.‘, which analyzes a typical educational start-up case in terms of business-level strategy; also addresses how well a firm is able to utilize and manage its intangible resources in achieving competitive advantage. Accordingly, Balanced Scorecard as a tool for engaging intangible resources into the operation of the enterprise is recommended. Moreover, the research takes Everest Education as a particular case to briefly analyze and make recommendation for educational start-up firms in Vietnam, which is a dramatically growing market. 1.2. Research background In the recent time, Vietnam‘s start-up ecosystem has been growing significantly with a sharp rise in the number of new enterprises. According to Mr. Cuong Nguyen, Deputy Director of Business Development department, the Ministry of Planning and Investment, the number of new registered enterprises in 2012 was 69,874 while it was approximately 39,000 in the first 6 months of 2013 alone. Enterprises vary in different industries, such as Education, Art, Technology, E-commerce and so on. ThiNganHang.comHowever, not every enterprise is able to overcome myriad of obstacles depriving from our unstable economy. Mrs. Lan Pham, Vice President of Vietnam Trade and Industry Entity, noted in the seminar ―Leader Talk‖ held by Vietnam Media Group: ―There were actually up to 61,000 enterprises going bankruptcy in 2013‖. So not only the number of new companies is great but also that of those failing. Education is a great market, yet not fully invested. According to Taylor Nelson Global market research Company, spending for education of Vietnamese families 1 ThiNganHang.com
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occupies 47% total consumption per year. Thus, education is an integral part of Vietnamese people and they do not hesitate to invest a certain amount of money in this kind of expenses. However, many areas in this field have not been addressed; hence, this is a potential market for entrepreneurs and also one of the great industries that investors starts to take an eye on. 1.3. Purpose of the research The ultimate purpose of this research is to answer the question of how an educational startup in Vietnam achieves its competitive advantage in the first 3-5 years of operation. By analyzing this case and learning the overall education industry, lessons are drawn for educational start-up firms in Vietnam. 1.4. Object and scope of the research The major object of this research is Everest Education, Ltd., an educational startup based in Ho Chi Minh City. On the other hand, the overall educational start-up ecosystem in Vietnam is also addressed. The research applies qualitative methodology in analyzing how the company achieves its competitive advantage, with ample evidence from the real case. The tools that the firm uses to integrate finance, customers responsiveness, internal process and learning & development to business strategy achievement are collected and thoroughly analyzed. In short, the research will have a look into Competitive Advantage achievement at Everest Education, Ltd., and Recommendation for Everest as well as ThiNganHang.comeducational start-up firms in Vietnam.1.5. Structure of the research Generally, the thesis comprises of 5 chapters: Chapter 1: Introduction 2 ThiNganHang.com
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